* Apple launches two new iPhones
* US and Russia head for UN over Syria
* EM debt volumes highest since May
* Ashmore defies EM turbulence to post sharp rise in profits
* Argentina joins the CCC+ club
* US targets NY property used in Russian scam
* Asian groups struggle with end of cheap money
* Russian billionaire in talks to sell stake in Uralkali
* China shadow banking returns
* Markets: neutral
Apple launches two new iPhones
Apple put improved security and bright new colours ahead of aggressive price cuts at the launch of its latest iPhone models, as it sought to broaden its appeal without compromising its premium brand.
US and Russia head for UN over Syria
Barack Obama has asked Congress to delay a vote authorising a strike on Syria while the US and its allies pursue a diplomatic initiative with Russia at the UN to force Damascus to give up its chemical weapons.
EM debt volumes highest since May
Emerging markets have rushed to issue debt to take advantage of a window of opportunity opened up by speculation that the US Federal Reserve could delay its plans to scale back monetary stimulus.
Ashmore defies EM turbulence to post sharp rise in profits
Ashmore, the emerging markets-focused fund manager, reported a sharp rise in profits and revenues on Tuesday despite turbulence in the developing world since the US central bank signalled the possible end of quantitative easing.
Argentina joins the CCC+ club
Most people are now well aware of the risks associated with owning Argentine debt, so it was no great surprise that the market barely flinched when Standard & Poor’s sent its rating on the country’s bonds yet further into junk territory on Tuesday.
US targets NY property used in Russian scam
US prosecutors are looking to seize New York property used by a Russian criminal organisation to launder funds derived from an elaborate $230m tax fraud, according to a complaint filed in a Manhattan court.
Asian groups struggle with end of cheap money: The combination of China’s slower growth and the prospect of imminent tapering of the Federal Reserve’s quantitative easing programme are taking their toll in Asia. India and Indonesia have been the hardest hit, but the impact has been felt elsewhere. There may be worse to come as what Morgan Stanley refers to as “The Great Unwind” proceeds and brings higher capital costs in its wake.
“The Russian billionaire who is the main shareholder in potash giant Uralkali is in talks to sell his stake in an effort to defuse a bitter conflict with Belarus, where authorities have jailed Uralkali’s CEO, according to a person familiar with his thinking.”
“China’s broadest measure of new credit almost doubled in August from the previous month in a sign leaders are committed to meeting economic goals even at the cost of adding financial risks.”
MSCI Emerging Market Index down -0.49% at 986.55
DJIA up +0.85% at 15,191
S&P 500 up +0.73% at 1,684
Bovespa down -0.50% at 53,979
Nikkei 225 up +0.81% at 14,540
Topix up +0.15% at 1,192
Hang Seng down -0.13% at 22,948
Shanghai Composite up +0.63% at 2,252
MSCI Asia ex-Japan down -0.44% at 533.00
CNX Nifty up +0.04% at 5,899
€/$ 1.33 (1.33)
$/¥ 100.52 (100.39)
Brent Crude (ICE) up +0.17 at 111.42
Light Crude (Nymex) down -0.37 at 107.02
100 Oz Gold (Comex) down -7.40 at 1,357